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HDFC Bank (Q1 FY11) – BUY (Target Rs2,357, Upside 15.0%)
India Infoline Research Team / 11:46 , Jul 20, 2010

CMP Rs2,050, Target Rs2,357, Upside 15.0% 

  • Exceptionally strong growth in Advances; C/D ratio at multi-quarter high   
  • NIM resilience impressive; strong support from C/D ratio improvement
  • Fee income decline due to seasonality; C/I ratio was stable
  • Asset quality improves; PCR increases to 77%
  • Set to deliver industry-best loan growth; Retain BUY with TP Rs2,357
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